Maiden Lithium & Rubidium MRE

Conchas Project - MRE (July 2026)

Classification

Domain

Tonnes (Mt)

NSR5

Rb₂O (ppm)

Li₂O (ppm)

Cs₂O (ppm)

BeO (ppm)

Ta₂O₅ (ppm)

SnO₂ (ppm)

Nb₂O₅ (ppm)

Dry BD

Inferred

North LGM HG

4.14

112

2,061

3,898

132

168

62

760

95

2.64

South LGM HG

7.69

116

2,165

4,265

134

134

64

727

96

2.64

Total

11.83

114

2,128

4,137

133

146

64

739

96

2.64

NSR5 cut-off

Tonnes (Mt)

NSR5

Rb₂O (ppm)

Li₂O (ppm)

Cs₂O (ppm)

BeO (ppm)

Ta₂O₅ (ppm)

SnO₂ (ppm)

Nb₂O₅ (ppm)

Dry BD

100

11.83

114

2,128

4,137

133

146

64

739

96

2.64

90

15.39

110

2,048

3,832

128

139

62

717

94

2.64

80

17.97

106

1,985

3,623

125

136

60

694

92

2.64

70

23.54

99

1,859

3,143

116

132

56

629

87

2.64

60

33.45

89

1,708

2,615

104

120

50

531

80

2.64

50

35.81

87

1,672

2,515

101

115

48

513

78

2.64

40

36.33

86

1,661

2,489

100

115

48

509

78

2.64

30

37.16

85

1,639

2,449

99

114

47

501

77

2.64

18

57.00

63

1,234

1,733

76

81

32

349

57

2.64

Sampling techniques

Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

Berkeley Energia Limited (Berkeley or the Company) completed drilling campaigns in 2022 (5 reverse circulation (RC) holes for 282m) and 2024 (33 RC holes for 1,857m and 3 diamond (DD) holes for 230m for metallurgical sampling)

RC drilling

RC drill samples are collected over 1 m intervals. All samples are placed into individually labelled, consecutively numbered sample bags. The RC samples obtained are considered representative of the material drilled.

DD drill core was not used for routine resource assaying. Selected intervals were sampled for metallurgical testwork and density determination.

The selected core intervals have been cut in half, with one half placed into individually labelled bags numbered by the metre, while the other half will remain in the core boxes for future reference. The DD samples obtained are considered representative of the material drilled.

Metallurgical Drilling

The metallurgical testwork sample is a composite of samples obtained from three DD drillholes completed in 2024. The locations of the three DD drillholes within the Conchas Investigation Permit (IP) follow:

·    South - drillhole ID: CCD007 (refer ASX Announcement dated 29/01/2025)

·    North-East - drillhole ID: CCD021 (refer ASX Announcement dated 29/01/2025)

·    North-West - drillhole ID: CCD028 (refer ASX Announcement dated 29/01/2025)

The sampling strategy is guided by the criterion of proximity to RC drillholes for which analytical data are available, thereby facilitating the most reliable estimation of expected sample grades.

Five consecutive samples from each DD drillhole were selected, with each sample corresponding to a 1 m interval. The intervals chosen were:

·    CCD007: from 45 m to 50 m

·    CCD021: from 65 m to 70 m

·    CCD028: from 15 m to 20 m

Each metre of core was cut into two halves, and one of these halves subsequently divided into quarters. From the two quarters produced, a single quarter (consistently the same one) was selected to obtain the individual samples. These quarter-core samples were placed into bags clearly labelled with the DD drillhole ID and depth interval and sealed with cable ties.

The weight of individual samples ranged from 2.6 kg to 4.0 kg. The total weight per DD drillhole interval was:

·     CCD007: 15.6 kg

·     CCD021: 16.3 kg

·     CCD028: 15.5 kg

The overall mass of material submitted to the laboratory for metallurgical testing was 47.4 kg.

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

RC Drilling

Field duplicate and blanks samples are inserted into the sample stream to assess the variability of mineralisation. Approximately 13% of all samples relate to quality control. In addition, the laboratories undertake their own duplicate sampling as part of their internal quality assurance/quality control (QAQC) processes.

Examination of the QAQC sample data to date indicates satisfactory performance of field sampling protocols and assay laboratories providing acceptable levels of precision and accuracy.

The survey of drillhole collar locations has been completed by a qualified surveyor using standard differential global positioning system (GPS) equipment achieving sub decimetre accuracy in horizontal and vertical position.

Downhole surveys have been completed for 34 of the 36 holes drilled in the 2024 campaign. Downhole surveys for the final drillholes, along with the 5 holes drilled during the 2022 campaign (which could not be performed at the time due to poor ground conditions), will be conducted during the next drilling campaign. The downhole survey was conducted by the drilling contractor using the REFLEX EZ-TRAC tool.

Metallurgical Drilling

Drilling and sampling activities were supervised by a suitably qualified Company geologist who was present at all times. All core 1 m drill samples were geologically logged by the geologist at the core warehouse.

The samples and composites produced should not be regarded as fully representative of the mineralisation as a whole, given the still limited understanding of the entire orebody. Nonetheless, it can be stated that no significant mineralogical variations are evident, although grade variations do occur, with samples from the northwest and south exhibiting higher grades than those from the northeast.

Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

RC Drilling

RC drill samples are collected over 1 m intervals. The entire sample is placed in a properly named and numbered plastic bag. Samples are manually homogenised before being split using a three-tier riffle splitter to provide an approximate 3-5 kg sample. Wet samples are split using a cone and quarter method.

This phase of sample preparation is conducted in the field, and the resultant ~3-5 kg samples are then transported to the Berkeley warehouse.

Samples are further split using a one tier riffle splitter such that 0.7-1 kg samples are sent to the preparation laboratories of ALS (Seville, Spain) and analytical laboratory of ALS (Loughrea, Ireland). Samples are dried, fine crushed down to 70% below 2 mm, split to obtain 250 g and pulverised with at least 85% of the sample passing 75 µm. 10 g of sample is used for 51 elements analysis by ICP-MS method with results corrected for spectral inter-element interferences.

Metallurgical Drilling

DD drilling was used to obtain samples. The bulk metallurgical sample is a composite of selected samples from diamond drillholes.

Existing lithium and rubidium assay results from proximal RC drillholes were used to determine the 1 m intervals suitable to contribute to the selected intervals.

Drilling techniques

Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

RC Drilling

Drilling comprised RC drilling using a 140 mm diameter face sampling hammer and DDH using PQ (85.40 mm core diameter), T101 (82.60 mm core diameter), and HQ (63.50 mm core diameter) diamond coring drill bits.

During PQ drilling, the wire-line system was utilised, and the core was oriented using the REFLEX ACT III tool in the first 31.40 m of the initial DD hole.

Subsequently, it was decided to use the conventional system using T101 drilling due to the challenging ground conditions in terms of hardness. This system did not allow for core orientation. HQ diameter was only used in the first DD drillhole for the final 9.50 m.

Metallurgical Drilling

RC drillholes were drilled with a vertical dip. DDH are angled ranging from -40° to -70°. DD drilling was completed with PQ (85.4 mm core diameter), T101 (82.6 mm core diameter) and HQ (63.50 mm core diameter). Each 3 m of core sample are collected into separate core boxes. PQ-diameter drilling was conducted using the wireline method, whereas T101-diameter drilling was carried out using the conventional method. HQ diameter was only used in the first DD drillhole for the final 9.50 m.

The PQ core was successfully oriented using a Reflex ACT III tool. However, due to technical constraints and the hardness of the material, the core diameter had to be slightly reduced to T101, at which point core orientation could no longer be achieved.

Drill sample recovery

Method of recording and assessing core and chip sample recoveries and results assessed.

RC Drilling

The RC drilling rig utilised suitably sized compressors to ensure dry samples were possible. Plastic sample bags are strapped to the cyclone to maximise sample recovery. Sample logs record whether the sample is dry, moist or wet.

When the drillholes pass through zones with a significant water inflow, the sample bags are pierced to release the amount of water from the cyclone. In this operation, a part of the finest fraction is lost, resulting in a poorer recovery. Future studies will be undertaken to determine whether the loss of fines influences the grade. However, no material grade variation was observed across mineralised intervals that went from dry to wet in this drilling campaign.

Metallurgical Drilling

The DD drilling rigs used face discharge bits to ensure a low contact between the rock and drilling fluids, minimising ore washing. The length of each run is measured directly on the core and compared with the start and end depths recorded by the drillers. Recovery for each run is calculated in a spreadsheet, along with the overall core recovery for each DD drillhole, which were as follows:

·     CCD007: 96% recovery

·     CCD021: 98% recovery

·     CCD028: 98% recovery

The configuration of drilling and nature of materials encountered results in negligible sample loss or contamination. DD drillhole core was obtained in intervals between 0.10 m and 3 m.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

RC Drilling

There is no current known relationship between sample recovery and grade. The RC and DD sample recoveries are of an acceptable level, and no bias is expected from any sample losses.

The Drilling Contractor possesses the requisite experience, and its drillers and assistants adhere to established industry protocols for drillhole operations.

The Company's geologists supervised the drilling and were responsible for monitoring all aspects of the drilling, logging and sampling process.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

No bias related to preferential loss or gain of different materials occurred.

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

RC Drilling

Berkeley geological logging of RC chip samples included recording descriptions of lithology, weathering, alteration and mineralisation.

Metallurgical Drilling

Logging of DD core included recording descriptions of lithology, age, colour, oxidation, mineralisation, alteration, weathering, structures, textures, grain size and mineralogy.

Geotechnical logging of DD drillhole core included recording descriptions of integrity (recovery and RQD), materials (lithology, rock strength and depth oxide staining), and structures (type, angle, contact type, infill, weathering).

All individual 1 m core intervals were geologically logged, recording relevant data to a set template using Company codes.

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.

RC Drilling

Geological logging is qualitative in nature.

Berkeley RC samples and chip trays are photographed.

Metallurgical Drilling

All DD core boxes were photographed. Logging is qualitative and records regolith, grain size, texture, mineralogy, lithology and geotechnical features. Core was digitally photographed.

The total length and percentage of the relevant intersections logged.

100% of RC drilled and DD core metres were geologically logged.

Sub-sampling techniques

If core, whether cut or sawn and whether quarter, half or all core taken.

Metallurgical Drilling

The purpose of core is to conduct metallurgical testing. 5 m intervals of each DD core were sent for metallurgical testing. They have been cut in half using a water saw, with care taken to ensure minimal ore loss. One half was placed into individually labelled bags numbered by metre, while the other half will remain in the core boxes for future reference.

Core was cut using a diamond saw and quarter core submitted for metallurgical testwork.

and sample preparation

If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

RC Drilling

Berkeley RC drill samples were collected at 1 m intervals. RC intervals were sampled by splitting dry samples in the core shed to 3-5 kg using three-tier riffle splitter and further split to 0.7-1 kg using a one-tier riffle splitter. Wet samples were split using a cone and quarter method.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

RC Drilling

RC drill samples were sent to ALS laboratory (Seville, Spain) for preparation and analysis. Samples were dried, fine crushed down to 70% below 2 mm and pulverised with at least 85% of the sample passing 75 µm. 10 g of sample was used for multi element analysis by ICP-MS method. This method is considered appropriate for this style of mineralisation.

Metallurgical Composite Sample

DD core samples were sent to Oviedo University (Asturias, Spain) and SLR laboratory (former Wardell Armstrong International, Cornwall, United Kingdom) for preliminary metallurgical testwork including crushing, grinding, head sample characterisation, scanning electron microscope (SEM) mineralogical analysis, gravimetry, flotation, and magnetic separation.

All DD drillhole core samples (15 m in total) were processed, with a combined weight of 47.4 kg.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

RC Drilling

Routine sample preparation and analyses of RC samples were carried out by ALS, who operates an independent sample preparation laboratory in Seville (Spain) and an analytical laboratory in Loughrea (Ireland). QAQC procedures involve the use of duplicates which are inserted into sample batches at a frequency of approximately 15%.

Metallurgical Drilling

The sample preparation techniques and QAQC protocols are considered appropriate for the nature of this testwork.

Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

RC Drilling

Duplicate splits of RC samples are taken every 10 m downhole within the sampled intervals. The results from these duplicates generally show acceptable repeatability.

Metallurgical Drilling

Core was marked for sampling along an orientation line, and a consistent quarter of core was sampled along the DD drillhole. No field duplicates were completed for this program.

Whether sample sizes are appropriate to the grain size of the material being sampled.

RC Drilling

Sample sizes are well in excess of standard industry requirements.

Metallurgical Drilling

The sample size is considered appropriate for the nature of the testwork.

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

All samples were routinely assayed by ALS for 51 elements using ICP-MS method. This analytical method reports total content for each element.

Metallurgical Composite Sample

The potential recovery of lithium, rubidium, and the other elements of economic interest, was tested using the following techniques:

·    Gravity Release Analysis (GRA)

·    Froth flotation

·    Magnetic separation

For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

No geophysical downhole tools were used.

Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

RC Drilling

Duplicate samples and blanks were regularly inserted into the sample stream by Berkeley, with approximately 13% of all samples related to quality control. The external laboratory used also maintain their own process of QAQC utilising standards, pulp repeats, sample duplicates and blanks.

The review of the Berkeley quality control samples, along with the QAQC reports from the external laboratory, has indicated no issues with sample preparation, acceptable levels of analytical accuracy based on laboratory internal Standard Reference Materials (SRMs), and no bias present in the analytical datasets.

No project-specific external SRMs were inserted into the sample stream by the Company. This reflects the absence of commercially available standards considered representative of the Conchas mineralisation style and associated elemental suite. QAQC monitoring therefore relied on the use of blanks, field duplicates and ALS internal laboratory quality control procedures. The Competent Person (CP) recommends sourcing (or have prepared) and submitting external SRMs in future drilling campaigns, as a critical QAQC measure to establish confidence in the use of assay data.

Metallurgical Drilling

Acceptable levels of accuracy and precision were established in the preparation of the bulk sample composites.

Verification of sampling and assaying

The verification of significant intersections by either independent or alternative company personnel.

No new drilling intersections are being reported.

The use of twinned holes.

No twin holes were completed in either the 2022 or 2024 campaigns. This was not warranted.

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

RC Drilling

All primary data was recorded in templates designed by Berkeley.

Assay data from the external laboratory is received in spreadsheets and downloaded directly into a Microsoft Access database managed by the Company. Data is entered into controlled Microsoft Excel templates for validation. The validated data is then loaded into a password secured relational database by a designated Company geologist. Daily backups of all digital data are undertaken. These procedures are documented in the Berkeley Technical Procedures and Protocols manual.

Discuss any adjustment to assay data.

Lithium (ppm) assays received from the external laboratory are converted to Li₂O (ppm) using the stoichiometric factor of 2.153 and then passed to percentage.

Rubidium (ppm) assays are converted to Rb₂O (ppm) using the stoichiometric factor of 1.094 and then passed to percentage.

Tin (ppm) assays are converted to SnO₂ (ppm) using the stoichiometric factor of 1.270 and then passed to percentage.

Beryllium (ppm) assays are converted to BeO (ppm) using the stoichiometric factor of 2.775 and then passed to percentage.

Cesium (ppm) assays are converted to Cs₂O (ppm) using the stoichiometric factor of 1.060 and then passed to percentage.

Niobium (ppm) assays are converted to Nb₂O₅ (ppm) using the stoichiometric factor of 1.431 and then passed to percentage.

Tantalum (ppm) assays are converted to Ta₂O₅ (ppm) using the stoichiometric factor of 1.221 and then passed to percentage.

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

RC Drilling

The survey of drillhole collar locations has been completed by a qualified surveyor using standard differential GPS equipment achieving sub-decimetre accuracy in horizontal and vertical position.

Downhole surveys have been completed for 34 of the 36 holes drilled in the 2024 campaign. Downhole surveys for the final drillholes, along with the 5 holes drilled during the 2022 campaign (which could not be performed at the time due to poor ground conditions), will be conducted during the next drilling campaign. The downhole survey was conducted by the drilling contractor using the REFLEX EZ-TRAC tool.

Metallurgical Drilling

A Leica iCON gps 70 series differential GPS was used to pick up the collars.

A REFLEX EZ-TRAC deviation tool was used for downhole surveying.

Specification of the grid system used.

Universal Transverse Mercator (UTM) datum ETRS89 Zone 29 North.

Quality and adequacy of topographic control.

Topographic control was based on a digital terrain model with sub-metric accuracy sourced from the Spanish Geographical Institute (Instituto Geográfico Nacional) and was verified through detailed DD drillhole collar surveys by a qualified surveyor using a differential GPS.

Data spacing and distribution

Data spacing for reporting of Exploration Results.

RC Drilling

The objective of the 2024 drilling campaign was to check the results of previous exploration works which were based on soil sampling, geological mapping, and five RC holes drilled in 2022. The results reported in 2023 relate to three sections with a drillhole (CCR004) common to all of them, with two or three holes on each section, with plan distances between drillholes from 130 m to 570 m.

In the 2024 campaign, the drillholes have been positioned around the four drillholes with the highest grades from the 2022 campaign, at distances of approximately 100 m from the central hole and 70 m between each hole. In some areas, the distance between drillholes is as close as 25 m, allowing for the assessment of variability over short distances.

Metallurgical Drilling

The DD drillholes were positioned with the objective of obtaining representative samples for metallurgical testwork from the three areas currently deemed most significant within the orebody.

The DD drillholes contributing to the metallurgical testwork program were drilled in three distinct locations within the orebody, spaced between 400 m and 800 m apart. Each DD drillhole may be considered representative of the specific zone in which it is situated, though not yet of the deposit as a whole.

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

RC Drilling

The data spacing is deemed sufficient to infer geological and grade continuity in the surveyed area, in support of Inferred Mineral Resources.

Whether sample compositing has been applied.

RC Drilling

No sample compositing was undertaken.

Metallurgical Composite Sample

The sample was composited as described under Sampling Techniques in this Table 1.

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

RC Drilling

The muscovitic leucogranite which hosts the mineralisation is ~2 km by ~1.2 km in area. The mineralised zone is interpreted to be sub-horizontal following the regional plutonic tendency, with the potential for one or more feeder zones (i.e. based on geological logging, there are indications that drillholes in two areas have not reached the base of mineralisation). No bias attributable to orientation of sampling was identified.

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

RC Drilling

All RC drillholes are vertical and perpendicular to the interpreted mineralised body. Due to the interpreted sub-horizontal nature of the mineralisation, no sampling bias is considered to have been introduced by the orientation of the drilling and the thicknesses are considered real.

Core orientation was only possible in drillhole CCD007 from 6 m to 31.40 m. Two fracture sets were identified. The dominant set is sub-horizontal, while the secondary set dips at approximately 35° to the southwest. Other possible discontinuities, such as contacts or veins, were not encountered within the core orientation interval.

Metallurgical Drilling

All DD drillholes were planned and executed with an inclination in order to permit core orientation. Although the mineralisation is considered to be sub-horizontal, no bias attributable to orientation of drilling was identified.

Sample security

The measures taken to ensure sample security.

RC Drilling

Chain of custody is managed by Berkeley. Following initial splitting in the field, the resultant ~3-5 kg subsamples were transported from the drill site by Company vehicle to a logging core shed where samples are prepared for dispatch. Samples are sent directly from the core shed to the laboratory using a certified courier. Samples are included in cardboard boxes conveniently closed and strapped to prevent its opening. The samples are taken directly from the Berkeley facility to the external laboratory. Sample submission forms are sent in paper form with the samples, as well as electronically to the laboratory. Reconciliation of samples occurs prior to commencement of sample preparation for assaying.

Metallurgical Drilling

Samples were stored in secure storage from the time of drilling, through cutting, bagging, and packing, and up until their dispatch to the laboratory.

A reputable international transport company with shipment tracking enables a chain of custody to be maintained whilst the samples moved from Spain to the UK. Samples were again securely stored once they arrived and were processed at Baldhu, Cornwall.

At each point of the sample workflow the samples were inspected by a Company representative to monitor sample condition. Each laboratory confirms the integrity of the samples upon receipt.

Audits or reviews

The results of any audits or reviews of sampling techniques and data.

No audits have been undertaken.

Mineral tenement and land tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

The Conchas Project lies on the Conchas I IP 6930 which is 100% owned by Berkeley Minera España, S.L., a wholly owned subsidiary of Berkeley Energia Limited under the General Regulations for the Mining Regime established under Royal Decree 2857/1978 of 25 August in Spain.

The Conchas I IP was originally granted in October 2020 for an initial three-year term. An extension of the Investigation Permit for a second three-year term (from October 2023) was granted in June 2024.

There are no historical sites, reserves or specially protected areas in the zone, which is primarily used for livestock grazing and agriculture. The Conchas Project is located adjacent to the village of Fuentes de Oñoro and close to the border with Portugal.

The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

Tenure in the form of a granted IP and is considered secure. There are no known impediments to obtaining a licence to operate in this area.

Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties.

Mining in the area dates back to the World War II years when, in an artisanal manner, tin and tungsten were obtained by means of surface excavations and washed by hand.

Modern exploration at Conchas was carried out by Billiton PLC between 1981 and 1983. The investigation was focused on tin and tantalum, with lithium, rubidium etc. not taken into account. Billiton carried out several exploration work programs which resulted in a regional geological map and another detailed geological map, a leucogranite bottom isopach map, geochemistry with 85 test pits, trenches and 20 percussion drillholes, and sectional interpretations of the different magmatic facies.

SIEMCALSA (Mining Investigation and Exploration Society of Castilla y León, S.A.) within the European Union project POCTEP, summarised the Billiton data, making a review of the land and a chip sampling (14 samples) of the types of rocks existing in the area. Mineralogical and metallogenetic studies of samples were carried out at the Universities of León (Spain) and Porto (Portugal), however, Berkeley has not yet obtained access to these reports/results.

Only public domain historical data has been obtained by Berkeley.

Geology

Deposit type, geological setting and style of mineralisation.

Around the 70% of the permit area is filled by the Cenozoic cover and, only in the northwest, the Fuentes de Oñoro granite can be found. Cenozoic materials have Oligocene age.

Granites make up the Vilar Formoso-Fuentes de Oñoro area, which in turn belongs to the Guarda Batholith whose origin is associated with the Hercynian orogeny. Regionally, coarse to very coarse-grained granodiorites and porphyritic granites are found, porphyritic and with a considerable amount of biotite, arranged subparallel to the edge of the batholith and commonly considered as edge facies.

The monzogranite facies is the one with the greatest superficial development and constitutes approximately 50% of the outcropping granites. They are two-mica granites, with a predominance of biotite, fine to coarse grain size and sometimes porphyry, although the potassium feldspar megacrystals do not reach the size of those of the previous edge facies.

Aplogranites constitute the mineralised facies of aplo-pegmatitic leucogranites. This occurs in the vicinity of Fuentes de Oñoro and in front of the Portuguese town of Poço Velho. Preliminary mineralogy studies indicate the lithium, rubidium and caesium occurs in micas classified as intermediate between muscovite and zinnwaldite.

It also presents a millimetre mineralisation of cassiterite, and columbo-tantalite distributed homogeneously throughout its surface. Cassiterite normally occurs in angular and heterometric crystals of between 10 μm and 1 mm. Tantalum and niobium occur in the form of columbo-tantalite, both in isolated crystals and in inclusions within the cassiterite.

Drill hole Information

A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

o easting and northing of the drill hole collar

o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

o dip and azimuth of the hole

o down hole length and interception depth

o hole length.

Exploration results are not the subject of this disclosure. All drill intercepts relating to the Conchas Project have been previously reported. The relevant stock exchange announcements included all collar and composite data and can be viewed on the Company's website.

There are no further drillhole results that are considered material to the understanding of the exploration results. Identification of the broad zone of mineralisation is made via multiple intersections of drillholes and to list them all would not give the reader any further clarification of the distribution of mineralisation throughout the deposit.

If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

Exploration results are not the subject of this disclosure. No information has been excluded.

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

Exploration results are not the subject of this disclosure. No data aggregation was required.

Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

Exploration results are not the subject of this disclosure. No data aggregation was required.

The assumptions used for any reporting of metal equivalent values should be clearly stated.

No metal equivalent values are reported.

Relationship between mineralisation widths and intercept lengths

These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

The mineralisation is considered to be sub-horizontal. The inclination of the DD drillholes was intended to facilitate core orientation and to verify any potential lateral variability in the mineralisation, which has not been observed in any of the drillholes.

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

Exploration results are not the subject of this disclosure. No new drill intercepts are being reported.

Diagrams

Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

Not applicable. Exploration results are not the subject of this disclosure.

The original exploration results and plan view of the drillholes for the samples used in relation to the metallurgical composite testwork are included in Berkeley's announcement dated 29 January 2025 which is accessible on the Company and ASX websites.

Balanced reporting

Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

Exploration results are not the subject of this disclosure.

All results are included in this report and in previous releases. These are accessible on the Company's website.

Other substantive exploration data

Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

Electrical Resistivity Tomography Survey Trial (July 2025)

A trial of Electrical Resistivity Tomography (ERT) was conducted at the Conchas Project in July 2025. The trial survey was carried out by Análisis y Gestión del Subsuelo (AGS). The trial survey was supervised and coordinated by Berkeley. One of the trial's aims was to delineate the boundaries of the various mineralised horizons.

The measurements were taken using a Syscal Pro 72 geophysical unit manufactured by IRIS Instruments (Orleans, France). It features an internal 250 W transmitter with a maximum output of 800-1000 V (400 V was used in the trial) and 2.5 A, 10 simultaneous acquisition channels providing up to 1,000 readings per minute, and automatic switching for up to 72 electrodes.

The measurement procedure involved placing 72 electrodes along two profiles, each 710 m long oriented NE-SW and NW-SE, with a 10 m spacing between electrodes and penetration depth to 150 vertical metres. All electrodes were connected to the measurement equipment, and a specific sequential program was used to select which quadrupoles operated at each time and in what configuration.

For each profile, about 5,000 to 8,000 resistivity readings are collected, with each reading performed in stacks of 2-4 repetitions. If successive readings deviate beyond tolerance, the instrument repeats the measurement up to 4 times, averages the result, and - if within tolerance - moves to the next reading. This process ensures accurate, reliable data for geophysical analysis.

GPS points were recorded with a Garmin eTrex 32x device at the start and end of each profile, as well as at the end of each cable segment along the profile, to precisely determine their location and to obtain the terrain topography, allowing reprocessing of data w.r.t  surface relief.

Two measurement sequences were used:

·     The dipole-dipole sequence, optimised for detecting horizontal resistivity changes, with 2,921 data points for high resolution.

·     The Schlumberger reciprocal sequence, used for detecting vertical resistivity changes, with 2,195 data points, sensitive to vertical variations.

The forward modelling and the detection of two types of rocks with different resistivity in the surveyed area demonstrate the suitability and effectiveness of the ERT method for the study. This approach validates the identification of lithological contrasts and supports further interpretation of subsurface geological structures.

The final output is a terrain section displaying resistivity values in different colours, representing variations in this parameter.

The detected anomalies appear to correspond well with the two main types of rocks present in the study area (LGM and GMG) when compared with surface mapping and drillholes near the profiles.

The Company evaluated the data and determined that its quality was adequate for further analysis. The Company noted that there appeared to be sufficient contrast between different lithologies and that the results correlate well with the existing data, supporting the decision to undertake a broader geophysical campaign aimed at covering most of the deposit area.

Electrical Resistivity Tomography Survey (late 2025)

Following the successful trial in July 2025 a comprehensive ERTS was completed in late 2025 comprising an additional 9 profiles ranging from 350m to 1,070 linear metres with 10m electrode spacing, for a total of 5,820 linear metres and 35,900 measurement points. Maximum penetration depth was 153.3m.

Standard Operating Procedures and technical descriptions were identical to those described for the trial survey.

The survey was successful in providing additional resolution and modified scale and geometry of the host LGM unit, confirming (via reliable geophysical-lithological correlation) and extending possible LGM occurrences beyond previously known limits. This data has been incorporated into 3D modelling, refining mineralised unit boundaries.

Mineralogical Study

A check of the lithologies present in the zone, especially of the mineralised zone, in-situ analysis using a portable x-ray fluorescence (XRF) and two soil geochemistry campaigns (203 samples collected) were carried out.

Five RC drillholes were drilled in 2022. Several zones with significant mineralisation were intersected in four of these drillholes. Three mineralogical studies conducted by ALS, the University of Oviedo, and the University of Bilbao, on samples from drillholes and rock chip samples collected from outcrops within the mineralised zone have concluded that the mineralisation of Li, Rb, and Cs is associated with micas classified as intermediate between muscovite and zinnwaldite. The Sn, Nb, and Ta mineralisation are more closely associated with the cassiterite present in the rock.

Density Determination Study

In the three DD drillholes that were also drilled in 2024, 50 density measurements were taken across the different intersected lithologies, yielding the following values:

·     All weathered leucogranite: 1.58 g/cm³

·     Partially weathered leucogranite: 2.51 g/cm³

·     Leucogranite: 2.64 g/cm³

·     Regional granite: 2.64 g/cm³

Further work

The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

Additional infill drilling is planned to improve confidence in the estimation of Mineral Resources and to satisfy geotechnical, metallurgical and hydrogeological data collection requirements as the project develops.

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Refer to diagrams and plan views disclosed in previous announcements. These are accessible on the Company's website as discussed above.

Database integrity

Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.

Site visit review by Competent Person (CP) included database checks against field, hand logged data and assay certificates and drill collars.

Data validation procedures used.

Extraction from the site supplied data to Datamine software for Mineral Resource estimation included both logical and visual checks of both the drillhole and assay data. Items included checking for under/overlaps, missing data and statistical analysis of grade distributions

Site visits

Comment on any site visits undertaken by the Competent Person and the outcome of those visits.

A site visit was completed by CP Galen White of Maja Mining Limited during January 2026. His review included drillhole locations, geology logging and interpretation, assay validation and QAQC review and a general overview of all current and previous exploration. It is the opinion of the CP's that all relevant data was appropriate for completion of a Mineral Resource estimate (MRE).

If no site visits have been undertaken indicate why this is the case.

N/A. Site visit was undertaken.

Geological interpretation

Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.

The minerals and metals of interest are hosted in a muscovite leucogranite (LGM), additional low-grade mineralisation is associated with a surface altered igneous basement (CSG) and proximal regional granite (GMG).

Nature of the data used and of any assumptions made.

RC sampling was used to determine both geological and grade domain boundaries.

The effect, if any, of alternative interpretations on Mineral Resource estimation.

Due to the relatively simple geology - all high-grade (HG) mineralisation is confined to the LGM unit, which is relatively homogeneous - an alternative interpretation is improbable.

The use of geology in guiding and controlling Mineral Resource estimation.

HG mineralisation is constrained by the LGM geological unit. Grade continuity is affected by mica intensity which is host to the dominant metals of interest (rubidium, lithium, caesium, beryllium), with associated heavy minerals containing tin, tantalum and niobium.

The factors affecting continuity both of grade and geology.

HG mineralisation is constrained by the LGM geological unit. Grade continuity is affected by mica intensity which is host to the dominant metals of interest (rubidium, lithium, caesium, beryllium), with associated heavy minerals containing tin, tantalum and niobium.

Dimensions

The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.

The current MRE is divided into a north and south LGM zone, primarily controlled by drill access. The northern zone is roughly 800 m EW x 400 m NS to a maximum depth of 180 m. The southern zone is roughly 450 m EW x 350 m NS with an average depth from 40 m to 50 m deep. The mineralisation extends to the surface CSG with a low-grade cap which is 0-5 m thick. Proximal low-grade mineralisation extends into the GMG with some internal interbeds in the LGM.

Estimation and modelling techniques

The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.

Grade estimation of HG mineralisation was completed using ordinary kriging (OK), based on subdivision into appropriate grade domains containing near log normal grade distributions. Variograms were modelled and top capping was applied where appropriate to reduce the local influence of isolated HG outliers. Samples were generally 1 m in length. Any samples not 1 m were composited to 1 m. Grades were estimated into 40 m x 40 m x 5 m size panels. Geology boundaries were honoured using 5 m x 5 m x 1 m sub-cells. HG mineralisation was constrained by a hard boundary based on interpretation using the drillhole sample data. Peripheral drillholes were given an influence of up to 80 m. Low grade and waste material grades were estimated using inverse distance squared. Datamine software was utilised for domaining, block model construction and grade estimation.

Drillhole and Sample Statistics and Variogram Modelling:

Population statistics were reviewed for all grade estimation domains, including top capping requirements which were required as spatially isolated high-grade outliers are present.

Mineralisation is hosted in two product groups - Mica, containing Rb, Cs, Li and Be; and Heavy Minerals (HM) made up of Sn, Ta and Nb. Both groups generally fall within the same common spatial mineralisation domain.

The Mica group currently has the greatest economic value, so the Mica domain has been used to define the main zones (North and South) of economic interest for both groups.

Rb has the best-behaved lognormal distribution within the Mica group with a very low coefficient of variation. Both Li and Cs show a good correlation with Rb, with Be having a very low correlation with Rb.

Rb was used for the variography modelling for the Mica group, with Li and Cs being linked to Rb for grade estimation to maintain the grade correlation between the three major Mica elements. Be was treated independently.

Nb was used for the variography modelling for the HM group, with Sn and Ta being linked to Nb for grade estimation.

Variograms were modelled for Rb, Be and Nb to determine spatial continuity parameters for grade estimation using OK.

Nugget effect for both Mica domains is around 15-20% which indicates that the area closest to each sample will be strongly influenced by the local grade, i.e. less smoothing required and reasonable reliability for local grade estimates. The nugget for the HM domains at around 5% demonstrates very good confidence in local grade estimates.

In the Mica group, around 60% of the deposit variability occurs with a 60-100 m range, demonstrating that a drill pattern of around 40 m spacing will produce a high confidence grade estimate. Note that the grade continuity of the HM group elements is slightly higher than the Mica group elements.

Generally, the Northern domain has slightly better continuity than the Southern domain.

The shape and nature of the variograms combined with the reasonably well-behaved sample grade populations support the use of OK for grade estimation.

The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.

This is the maiden MRE. No previous production has taken place. No alternative estimation methods were used.

The assumptions made regarding recovery of by-products.

No recovery of by-products has been included. All potential products are included in the MRE statement.

Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation).

No deleterious elements have been identified that are considered likely to materially affect the potential extraction or processing of the mineralisation. The deposit is hosted within a muscovitic leucogranite and does not contain significant sulphide mineralisation that would typically give rise to acid mine drainage concerns. No deleterious elements or other non-grade variables of economic significance have been estimated in the current MRE. Further metallurgical and environmental studies will be undertaken as part of future project evaluation.

In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

The average drill spacing ranges from 50 m to 80 m. An estimation panel size of 40 m x 40 m x 5 m was selected as being appropriate based on the drill spacing.

Any assumptions behind modelling of selective mining units.

No selective mining has been considered. The HG zone can be bulk mined without any significant dilution or ore loss.

Any assumptions about correlation between variables.

Rubidium, caesium and lithium all correlate with each other. Estimation parameters used for rubidium were applied to the other two elements. Beryllium was treated separately. Tin, tantalum and niobium correlate with each other. Estimation parameters used for tantalum were applied to the other two elements.

Description of how the geological interpretation was used to control the resource estimates.

Hard mineralisation boundaries were interpreted based on a net smelter return (NSR) value for the higher-grade mineralisation. Low grade and waste were separated from the higher-grade mineralisation to avoid any grade smoothing issues.

Discussion of basis for using or not using grade cutting or capping.

Top capping was used.

The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.

The model was validated visually, statistically and through the use of swath plots.

Moisture

Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.

Tonnages are estimated on a dry basis. Moisture content was not estimated. A dry bulk density of 2.64 g/cm³ was adopted based on 50 direct density determinations completed on representative PQ DD drill core samples using the Archimedes immersion method.

Cut-off parameters

The basis of the adopted cut-off grade(s) or quality parameters applied.

At current market revenues the calculated breakeven NSR is US$18/t. However; Conchas does have two significant HG zones with good mining continuity at the US$100/t NSR cut-off. To reduce the risk of potential market over supply and any future decrease in product revenue, reporting the MRE at the higher NSR cut-off of US$100/t is considered prudent.

Sources used for determination of saleable revenue in Euros per tonne are summarised below.

Mining factors or assumptions

Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.

Open pit mining was selected due to the mineralisation being exposed or close to the surface, with generally horizontal mineralisation geometry. Bulk mining with little to no internal waste, dilution or ore loss has been considered. Reasonable prospects for eventual economic extraction (RPEEE) has been employed though Whittle open pit optimisation using appropriate costs, recovery, payability and metal prices. The MRE was constrained by the Whittle open pit shell.

Parameters used for the Whittle open pit optimisation runs are summarised below.

RPEEE - Cost Assumptions are summarised below.

Metallurgical factors or assumptions

The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.

Metallurgical parameters were obtained for testwork completed and applied in the RPEEE parameters.

Environmental factors or assumptions

Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.

No assumptions have been made.

Bulk density

Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.

Bulk density was determined from direct measurements completed on representative PQ DD drill core samples collected from drillholes CCD007, CCD021 and CCD028. A total of 50 dry bulk density determinations were completed, comprising 16 measurements from CCD007, 17 measurements from CCD021, and 17 measurements from CCD028.

Density measurements were undertaken using the Archimedes immersion method on dry core samples. The dataset included measurements from muscovitic leucogranite, altered muscovitic leucogranite, regional muscovitic granite and weathered material. Three control measurements were completed during each measurement session to verify weighing system stability, resulting in a total of nine control measurements.

Based on the measured density dataset, a dry bulk density of 2.64 g/cm³ was adopted for the MRE.

The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit.

Density measurements were completed using the Archimedes immersion method, which is considered appropriate for determining the bulk density of competent crystalline rocks and inherently accounts for sample volume, porosity and void space characteristics.

Measurements were completed on the principal lithological and weathering units present within the deposit. Average densities of 2.64 g/cm³ and 2.64 g/cm³ were obtained for muscovitic leucogranite and regional muscovitic granite respectively, while altered muscovitic leucogranite returned an average density of 2.53 g/cm³ and weathered material returned an average density of 1.58 g/cm³.

Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.

The mineralised domains are hosted predominantly within muscovitic leucogranite and regional muscovitic granite, both of which display very similar density characteristics. Consequently, a density of 2.64 g/cm³ was considered representative of the mineralised material included in the MRE. Weathered material represents only a minor proportion of the model and is not considered material to the global resource estimate.

Classification

The basis for the classification of the Mineral Resources into varying confidence categories.

All of the MRE is currently classified as Inferred, until additional drilling and test work is completed.

Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).

All current factors have been considered in the classification.

Whether the result appropriately reflects the Competent Person's view of the deposit.

The CP is comfortable with the Inferred classification for the Conchas deposit.

Audits or reviews

The results of any audits or reviews of Mineral Resource estimates.

No audits or third-party reviews have been completed.

Discussion of relative accuracy/ confidence

Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate.

The MRE is accurate within the definition of an Inferred MRE. In the CP's opinion that implies a level of accuracy of ±30% to 50%.

The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.

The estimate should be considered global.

These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.

No production data is available.